Does Turbotax Premier allow me to report rental property income?

Forum|Forum|2 years ago
February 20, 2024
4 replies
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I'm working on taxes and it says that I must upgrade to Turbotax Premium. I am using Premier, which says Investments and Rental Property on the product cover purchased from Costco

TurboTax Deluxe Online

DoninGA

Employee

Your post shows you are using the TurboTax Deluxe online edition which does not support Schedule E for rental properties. You will need to upgrade to the Premium online edition for the Schedule E.

Or did you purchase and download the TurboTax desktop Premier CD/Download edition and have not installed the Premier edition on your personal computer?

Laval1076

I am trying to complete mt taxes for me and my wife and we have long term rental property where we want to report income and expenses. When I get to the end to file it tells me that I need to upgrade to Turbotax self-employment for me and my wife at a additional 140$. Is this for real??????? This siftware is now becoming more expensive then getting a accountant???? Please confirm if this is correct or not????

DoninGA

Employee

@Laval1076 wrote:

I am trying to complete mt taxes for me and my wife and we have long term rental property where we want to report income and expenses. When I get to the end to file it tells me that I need to upgrade to Turbotax self-employment for me and my wife at a additional 140$. Is this for real??????? This siftware is now becoming more expensive then getting a accountant???? Please confirm if this is correct or not????

If you are using the TurboTax desktop editions installed on your personal computer and Not the online editions, then what you are seeing is a Recommendation to upgrade. It is NOT a requirement to upgrade. So you can continue to be using your current desktop edition.

Or if you are completing a Canadian tax return using the Canadian online editions, you have posted to the TurboTax US user community.

Go to this TurboTax Canada website for assistance with a Canadian tax return or the TurboTax Canada editions - https://turbotax.community.intuit.ca/turbotax-support/en-ca

JohnB5677

Yes, TurboTax Premium is the correct place to enter rental property. You may have TurboTax Deluxe.

Please check the top left corner, just under the red circle with the checkmark.

You should be able to log in and start making entries.

Log into TurboTax
Go to Federal / Wages & Income
Scroll down and select Rentals, Royalties, and Farm Income and expenses from rentals, patents, oil/mineral rights, and farm.
If you have Premium you will be allowed to continue.
If you have Deluxe it will ask you to upgrade.

Please contact us again with any questions, and provide some additional details.

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VolvoGirl

Employee

Is there a black menu bar on the left side? You are in the Online Deluxe version.

Did you get the Desktop program CD or Download installed and activated with the 16 digit License Code? You seem to be in the Online version not the Desktop program you bought.

I see people all the time that have bought the CD/Download Desktop Software but then somehow ending up using the Online version and didn't know it. If that happened to you, you can move your Online file to the Desktop program and continue without paying for Online or needing to reenter your info.

Sorry you can't apply the Desktop CD/Download program and License Code to the Online version. They are separate prices and work different. So you need to get a refund for the Desktop program and pay for the Online version. Or switch to your Desktop program.

You need to install the program on your computer and move your online return to the Desktop program. How to install the CD/Download program with a License Code
https://ttlc.intuit.com/community/tax-topics/help/activating-turbotax-cd-download-software/00/852971

Then you can download the .tax2023 data file without paying for Online and continue in the desktop version.

First save your return as a tax data file from Online
https://ttlc.intuit.com/community/saving/help/how-do-i-save-my-turbotax-online-return-as-a-tax-data-file/00/25740

See how to switch to the Desktop program,
https://ttlc.intuit.com/community/choosing-a-product/help/how-do-i-switch-from-turbotax-online-to-the-turbotax-software/00/26129

After you get the program installed the first thing to do before you open your tax return is to update the program and install any state programs you had. Then open your file. So you first might need to start a fake return to be able to download the state program (go to FILE - NEW). Enter some basic information, then go to the state tab and download the state program. Then try to open your existing return, go to FILE - OPEN

VolvoGirl

Employee

Install and Activate the Desktop program
https://ttlc.intuit.com/turbotax-support/en-us/help-article/license-information/install-turbotax-cd-download-software-license-code/L1wFOSXur_US_en_US?uid=lnz7f146

You should use the download method of installing instead of using the CD. It will be easier to install on another computer.

How to download Turbo Tax instead of using the CD
https://ttlc.intuit.com/community/installing/help/i-bought-the-cd-but-my-computer-doesn-t-have-a-cd-drive/01/26450